Correctional decline expected

Supposedly, the third wave (iii) has formed by now and a local correction in a form of fourth wave (iv) has started developing within the wave a of senior level.   If the presumption is correct, after correction, the pair will continue to grow to a level at 0.7990. The level  0.7610 is critical in this scenario.

Trading tips

In the short term: sell the pair below a level of 0.7938 with a target at 0.7770. In the medium term: wait for completion of correction and buy the pair above a level of 0.7610 with targets at about 0.7990 – 0.8200.

Alternative scenario:

Breakdown and consolidation below the level of 0.7610 will allow the pair to continue declining to the levels 0.7450 – 0.7400. 

AUD/USD:  wave analysis

AUD/USD:  wave analysis

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